ALVOX vs. FUMIX

Last updated Jun 23, 2026

ALVOX (Alger Capital Appreciation Portfolio) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, ALVOX returned 17.41%/yr vs 17.68%/yr for FUMIX. Their correlation of 0.87 suggests significant overlap in exposure. ALVOX charges 0.91%/yr vs 0.11%/yr for FUMIX.

Performance

ALVOX vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Portfolio (ALVOX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALVOX achieves a 14.65% return, which is significantly lower than FUMIX's 30.85% return.

ALVOX

• 1D: 2.12%
• 1M: 4.36%
• YTD: 14.65%
• 6M: 13.42%
• 1Y: 41.31%
• 3Y*: 35.96%
• 5Y*: 17.41%
• 10Y*: 20.04%

FUMIX

• 1D: 1.84%
• 1M: 8.17%
• YTD: 30.85%
• 6M: 29.49%
• 1Y: 40.42%
• 3Y*: 32.61%
• 5Y*: 17.68%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ALVOX vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALVOX Alger Capital Appreciation Portfolio	14.65%	32.25%	48.13%	43.13%	-36.69%	19.79%	41.90%	33.59%	-0.01%	23.13%
FUMIX Fidelity SAI U.S. Momentum Index Fund	30.85%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between ALVOX and FUMIX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.87

The correlation between ALVOX and FUMIX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

ALVOX vs. FUMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALVOX

ALVOX Risk / Return Rank: 38
ALVOX Sharpe Ratio Rank: 46
ALVOX Sortino Ratio Rank: 39
ALVOX Omega Ratio Rank: 39
ALVOX Calmar Ratio Rank: 35
ALVOX Martin Ratio Rank: 32

FUMIX

FUMIX Risk / Return Rank: 74
FUMIX Sharpe Ratio Rank: 69
FUMIX Sortino Ratio Rank: 63
FUMIX Omega Ratio Rank: 64
FUMIX Calmar Ratio Rank: 84
FUMIX Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALVOX vs. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Portfolio (ALVOX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ALVOX	FUMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.22	-0.38
Sortino ratio: Return per unit of downside risk	2.43	3.02	-0.60
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.14	3.73	-1.59
Martin ratio: Return relative to average drawdown	6.88	16.72	-9.84

ALVOX vs. FUMIX - Sharpe Ratio Comparison

The current ALVOX Sharpe Ratio is 1.84, which is comparable to the FUMIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ALVOX and FUMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ALVOX vs. FUMIX - Drawdown Comparison

The maximum ALVOX drawdown since its inception was -67.54%, which is greater than FUMIX's maximum drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for ALVOX and FUMIX.

Drawdown Indicators

	ALVOX	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-33.36%	-34.18%
Max Drawdown (1Y) Largest decline over 1 year	-18.86%	-10.99%	-7.87%
Max Drawdown (3Y) Largest decline over 3 years	-27.46%	-19.90%	-7.56%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-27.66%	-13.35%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	—	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-18.77%	-6.29%	-12.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.86%	2.44%	+3.42%

Volatility

ALVOX vs. FUMIX - Volatility Comparison

Alger Capital Appreciation Portfolio (ALVOX) has a higher volatility of 8.96% compared to Fidelity SAI U.S. Momentum Index Fund (FUMIX) at 7.72%. This indicates that ALVOX's price experiences larger fluctuations and is considered to be riskier than FUMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALVOX	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	7.72%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	16.07%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	18.43%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.87%	21.38%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.69%	21.83%	+1.86%

ALVOX vs. FUMIX - Expense Ratio Comparison

ALVOX has a 0.91% expense ratio, which is higher than FUMIX's 0.11% expense ratio.

Dividends

ALVOX vs. FUMIX - Dividend Comparison

ALVOX's dividend yield for the trailing twelve months is around 16.38%, more than FUMIX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALVOX Alger Capital Appreciation Portfolio	16.38%	18.78%	0.00%	0.00%	9.84%	26.10%	14.64%	12.19%	21.59%	6.47%	0.00%	12.50%
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.12%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALVOX and FUMIX in my portfolio?

ALVOX and FUMIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALVOX or FUMIX?

ALVOX has higher volatility (8.96%) compared to FUMIX (7.72%). In terms of maximum drawdown, ALVOX dropped -67.54% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

FUMIX currently has the higher Sharpe Ratio (2.22 vs 1.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.